Independent advisers complain that the Financial Industry Regulatory Association has no business overseeing them because they aren’t affiliated with broker-dealers, and that the quality of their advice would suffer as a result.
Moves against investment advisers by the Securities and Exchange Commission have climbed 30 percent this fiscal year, while those against broker-dealers rose at twice that pace.
High frequency trading strategies are behind at least 50 percent of all U.S. stock trades. Investment managers can expect the SEC to focus more on risks to ensure effective markets.
Financial Industry Regulatory Authority is in the midst of drafting rules prohibiting broker-dealers who are also third-party marketers from making political contributions to certain government officials.
